Reddit (NYSE:RDDT) COO Jennifer Wong Sells 75,000 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 75,000 shares of Reddit stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. The trade was a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of Reddit stock traded down $6.38 on Tuesday, reaching $158.12. 7,429,969 shares of the company were exchanged, compared to its average volume of 5,572,609. The stock’s 50 day moving average price is $174.77 and its 200-day moving average price is $158.97. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The company has a market cap of $30.42 billion, a P/E ratio of 36.77, a price-to-earnings-growth ratio of 0.60 and a beta of 2.04.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue was up 61.0% compared to the same quarter last year. On average, research analysts predict that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Evansbrook LLC raised its stake in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after acquiring an additional 59 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $152,000 after purchasing an additional 62 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Finally, Florida Financial Advisors LLC increased its position in shares of Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RDDT shares. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Friday, July 31st. Telsey Advisory Group set a $240.00 price target on Reddit in a research note on Friday, July 31st. Evercore reaffirmed an “outperform” rating and set a $265.00 price target on shares of Reddit in a report on Friday, July 31st. Wedbush lowered their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $205.00 price objective on shares of Reddit in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $221.71.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.